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32321071659SBI Will Refund All Fraud Cases Of ATM Cloning: This Is How You Can Take Refundshttps://trak.in/tags/business/2020/05/13/sbi-will-refund-all-fraud-cases-of-atm-cloning-this-is-how-you-can-take-refunds/
Wed, 13 May 2020 10:12:00 +0000https://trak.in/?p=106022

Instances of use of cloned ATM cards have been reported in Delhi on Tuesday, as reported by the State Bank of India. The bank has assured all the affected customers that it would process their refunds soon. Cloned ATMs used in the National Capital SBI on Tuesday said that it has come across reports of […]

]]>SBI Will Refund All Fraud Cases Of ATM Cloning: This Is How You Can Take Refunds

Instances of use of cloned ATM cards have been reported in Delhi on Tuesday, as reported by the State Bank of India. The bank has assured all the affected customers that it would process their refunds soon.

Cloned ATMs used in the National Capital

SBI on Tuesday said that it has come across reports of use of cloned ATM cards in the national capital of Delhi and assured refunds to the affected customers. It has said that all the suspicious transactions should be reported to the home branch.

The largest lender has tweeted in relation to this incident, stating “Cases
of using cloned #ATMCards have been reported in Delhi. There appears to be a
possible compromise at an ATM of another bank. Affected SBI customers are being
helped & refunds will be processed as per the procedure.”

How can you prevent this From Happening to You?

SBI has asked customers to be cautionary while visiting an ATM. For this
purpose, it has stated some measures to prevent this from the customer end.
These are as follows:

SBI has advised account holders to change their ATM PIN number from time to time, at regular intervals.

]]>106022SBI Will Offer Pre-Approved Loans For All Salaried People Via YONO App; This Is What We Know So Farhttps://trak.in/tags/business/2020/05/11/sbi-will-offer-pre-approved-loans-for-all-salaried-people-via-yono-app-this-is-what-we-know-so-far/
Mon, 11 May 2020 03:53:50 +0000https://trak.in/?p=105904

India’s largest bank: State Bank of India (SBI) has announced that soon they will roll out pre-approved personal loans for all salaried employees in India. These pre-approved personal loans has been planned to assist their customers, who are salaried and working with either private or public enterprises. These special loans will pre-approved, and available via […]

]]>SBI Will Offer Pre-Approved Loans For All Salaried People Via YONO App; This Is What We Know So Far

India’s largest bank: State Bank of India (SBI) has announced that soon they will roll out pre-approved personal loans for all salaried employees in India.

These pre-approved personal loans has been planned to assist their customers, who are salaried and working with either private or public enterprises.

These special loans will pre-approved, and available via YONO App, which is the official app from SBI.

Who Will Get These Loans? Interest Charged Will Be How Much?

Salaried employees, who are facing cash flow issues due to the impact of lockdown can get these pre-approved loans from SBI.

In a statement, SBI said, “However the bank is in the process to introduce soon a pre-approved personal loan offering through YONO to provide relief to the salaried customers of SBI who are facing cash-flow problem due to Covid.”

Since SBI has mentioned ‘pre-approved loans’, then it clearly means that SBI will check the credit history and payment capabilities of the salaries employees and then based on the information, a pre-approved loan will be offered.

Hence, it is clear that not everyone will be eligible for the loan.

How To Apply For This Loan From SBI?

SBI has clearly mentioned that the loan will be only available via YONO App.

Since its pre-approved loan, the eligible customers will be able to view this information via their YONO App.

SBI said, “The details of the new product will be communicated to media once it is launched.”

More details are awaited.

No ‘Emergency Loan’ As Now Now

Since the last few days, there were media reports that SBI is now offering emergency loans for all customers. As per the reports, this emergency loan up to Rs 10 lakh can be availed via YONO App or mobile banking, and it will take just 45 minutes to get approved.

The reports also mentioned that EMI can be paid after 6 months.

SBI has denied any such development, and have termed this as a rumor.

In a statement, SBI said, “This is regarding the news being widely reported about ‘SBI Emergency Loan scheme via YONO’. We would like to clarify that SBI is not offering any such loan at present. We also urge our customers not to believe on these rumours.”

]]>105904WhatsApp Pay Will Go Live By May End; SBI Will Not Be Part Of WhatsApp’s Payment Platformhttps://trak.in/tags/business/2020/05/05/whatsapp-pay-will-go-live-in-may-end-sbi-will-not-be-part-of-whatsapps-payment-platform/
Tue, 05 May 2020 08:00:56 +0000https://trak.in/?p=105630

Earlier this year, Whatsapp was granted regulatory approval from The National Payments Corporation of India (NPCI) to operate WhatsApp Pay in India. Now, WhatsApp is set to roll out its payments offering in India by the end of May, 2020 said two bankers aware of the development. Read to find out more… Pay Via Whatsapp […]

]]>WhatsApp Pay Will Go Live By May End; SBI Will Not Be Part Of WhatsApp’s Payment Platform

Earlier this year, Whatsapp was granted regulatory approval from The National Payments Corporation of India (NPCI) to operate WhatsApp Pay in India.

Now, WhatsApp is set to roll out its payments offering in India by the end of May, 2020 said two bankers aware of the development.

Read to find out more…

Pay Via Whatsapp Pay Now!

In the first phase of the roll out, three private sector banks- ICICI Bank, Axis Bank and HDFC Bank are to go live. The State Bank of India (SBI) won’t be a part of the first phase as told by the bankers.

The Face-book owned company had started beta testing with ICICI Bank. All the four above-mentioned banks were in the process of integrating with WhatsApp.

WhatsApp spokesperson told Moneycontrol, “We are continuing to work with the government so that we can provide access to payments on WhatsApp to all of our users. Payments on WhatsApp will help accelerate digital payments and this is particularly important during Covid as it is a safer way to transact for our 400 million users in India.”

Currently, both SBI and WhatsApp Pay are working closely through the integration testing phase. There are some outstanding observations of CERT-In Audit report submitted by WhatsApp Pay for which they seem to have sought time till 31st May 2020 to comply with fully.

As more convenience is made available to the users, the robust security architecture that’s required to be put in place is also given due importance and compliant with regulatory guidelines as well.

An SBI spokesperson said, “Bankers in the know of the matter pointed out that the public sector lender could have slowed down on its integrations with WhatsApp because of the delay in getting operational clearances from the central bank.”

Whatsapp Offering UPI Transactions!

NPCI had urged UPI third party players to move into a multi-party model so that the transactions do not disrupt any specific bank’s systems and high success rates can be maintained. Google Pay also operates with the above mentioned four banks.

WhatsApp has also updated its privacy settings with respect to all the three banks it is working with.

In the current form, WhatsApp will be offering Unified Payments Interface (UPI) based digital transactions between bank accounts. But the payments product will be released in a phased manner among consumers.

WhatsApp has 400 million users in India and the banks’ systems might clog with a sudden jump in transaction volume which is expected once the platform goes live. As per latest estimates there are slightly more than 100 million UPI users currently.

One of the bankers mentioned above said, “They will release the payments product systemically over the next few months, there was an initial plan to scale it up to 10 million but that got held up because of a public interest litigation in the Supreme Court.”

Why Whatsapp Pay Took So Long To Launch in India?

WhatsApp had started the restricted testing of its WhatsApp Pay with clearance from the NCPI back in February 2018. It remained in that stage in the past 2 years because the company faced multiple legal and regulatory hurdles. The delay in the roll out of the feature was due to the data localisation guidelines released by the Reserve Bank of India (RBI) in April 2018.

The other banker quoted above said, “It is working on adhering to the data localisation guidelines of the RBI and should be able to roll out payments by end of May.”

The approval for WhatsApp Pay came in for holding an invitation-only trial run from NCPI, and was followed by RBI’s go-ahead for the app in February 2020.

The Centre for Accountability and Systemic Change (CASC) has filed a PIL in the Supreme Court to stop the beta testing of WhatsApp’s payments offering in India.

In the recent years, India has in recent years emerged as a critical market for Facebook. The company has more users in India than any other country. The social networking giant partnering with a company like Reliance Jio augurs well for its prospects.

The WhatsApp Pay is expected to give a major boost to the digital payments ecosystem in the country.

The Finance Ministry on April 20 declared that the Public Sector Banks (PSBs) have provided insurance cover to employees in case of an unfortunate death due to the deadly virus. Read to find out more… What is the Fuss About? With the PSB employees providing efficient services to the customers amid the COVID-19 pandemic, the […]

]]>PSU Bank Employees Will Get Rs 20 Lakh Insurance Against Coronavirus; Is This Enough?

The Finance Ministry on April 20 declared that the Public Sector Banks (PSBs) have provided insurance cover to employees in case of an unfortunate death due to the deadly virus.

Read to find out more…

What is the Fuss About?

With the PSB employees providing efficient services to the customers amid the COVID-19 pandemic, the Finance Ministry has taken this step. Financial services are part of some of the essential services which have been operational during the lockdown that will continue till May 3.

The Finance Ministry took to Twitter to say,”Salute to all bankers providing services across India in this critical time. To ensure their safety, PSBs have provided health cover (incl of #Covid-19) to all employees and also lump sum compensation in case of an unfortunate death due to #Corona.”

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have praised bankers for following their duty in these challenging times.

Just last week, State-owned banks in India had barred employees from posting pictures, video clips or messages on social media on issues such as overcrowding at bank branches during the coronavirus crisis, according to the sources.

Is the Government really doing enough for the employees who are risking their lives to serve the customers?

What Benefits are PSBs Offering Their Employees?

Banks have also expressed their commitment to ensuring the well being of their employees by providing protective gear and medical care. According to sources, the banks have also appointed dedicated doctors for its employees and also set up a helpline to attend to the concerns of staff.

According to sources, banks have also designed their own customised product keeping in mind interest of their employees and up to Rs 20 lakh lumpsum amount will be paid to relatives in case of unfortunate event due to COVID-19.

Several banks including SBI, Punjab National Bank, Union Bank of India and Indian Bank have taken various steps to ensure safety of their employees and protect them from coronavirus.

India’s largest lender State Bank of India (SBI) has set up a quick response team to keep the staff motivated amid the coronavirus outbreak. According to the sources, the bank has set up a helpline number manned by doctors and psychologists to assist its staff and employees to deal with the coronavirus outbreak as well as stress and anxiety related to this.

State-owned banks in India have barred employees from posting pictures, video clips or messages on social media on issues such as overcrowding at bank branches during the coronavirus crisis, according to the sources. How Did This Happen? Basically the banks are having a surge in traffic after Prime Minister Narendra Modi outlined a package of […]

State-owned banks in India have barred employees from posting pictures, video clips or messages on social media on issues such as overcrowding at bank branches during the coronavirus crisis, according to the sources.

How Did This Happen?

Basically the banks are having a surge in traffic after Prime Minister Narendra Modi outlined a package of anti-crisis measures including direct cash payments to millions of poorer Indians, who have been queuing at branches to access the funds.

In the meantime, some branch staff have complained on social media of the difficulty in imposing social distancing in such conditions, earning a rebuke from employers and even from the police.

In a notice sent to its employees, State Bank of India (SBI), the country’s largest lender said that disciplinary action would be taken for violating the code of conduct if they spoke on social media about the functioning of its branches.

Further, the letter said “On scrutiny of these posts it is observed that many of these social media users are our employees,”, adding some posts had made disparaging comments about the bank, its management and policies.

What About Other Banks?

Similarly, the same kind of memo warning employees against social media posts has also been issued by other state-owned banks including Punjab National Bank, a communication seen by Reuters said.

So far, both banks have kept quiet on this topic.

When asked about the memos, a spokesman for the Finance Ministry said the Department of Financial Services, which oversees state-owned banks, had not issued any gag orders and was “always looking for honest feedback to improve the customer services”.

What About The Threats?

Some bankers said that they are now also being harassed by police for failing to ensure the social distancing required to help curb the spread of coronavirus.

One bank official said “Instead of helping us the police are threatening to arrest us,”, who asked not to be named due to the restrictions imposed by the state-owned bank where he works.

What Is Done To Resolve The Situation?

Currently, the All India Bank Officers’ Confederation, a union of bank employees, has raised the matter with federal and state authorities, requesting them not to penalize bank employees.

Another bank employee said “So far we’re neither getting help to manage the crowds, nor are we being allowed to voice complaints… about the critical lapses and failures of social distancing at banks,” who also requested anonymity.

Further, the Finance Ministry spokesman said the government had ordered state authorities “to render all possible help to the bankers in implementing social distancing”.

Also, Bank unions said they had asked for protective gear for branch officials but this had not yet been provided as India is still struggling to meet the safety requirements of health workers.

With the latest development, India has extended a lockdown on its 1.3 billion people until at least May 3 to combat the spread of coronavirus.

So far, India has reported more than 10,000 cases of the COVID-19 disease caused by the virus, including 358 deaths.

Earlier this month, the Indian Government had asked the banks to start its operations with a full workforce to handle relief measures amidst the COVID-19 outbreak. The employees of the State Bank of India (SBI) closed the branch at Mokia in Nabarangpur district of Odisha on April 7, claiming that all were infected with the […]

Earlier this month, the Indian Government had asked the banks to start its operations with a full workforce to handle relief measures amidst the COVID-19 outbreak.

The employees of the State Bank of India (SBI) closed the branch at Mokia in Nabarangpur district of Odisha on April 7, claiming that all were infected with the COVID-19 virus.

Read to find out more…

What is the Fuss About?

Collector Ajit Mishra viewed the matter with grave seriousness. So far no one has tested positive in the district. He reprimanded the bank employees and ordered them to open the branch.

On April 7, the manager of the SBI branch at Mokia in Nabarangpur district in the state of Orissa closed the branch and put up a notice that the staff members had come in contact with a COVID-19 patient, so they had to quarantine themselves for 14 days. He did not inform the district administration of their decision. Ajit Mishra said, “The irony is that the staff members declared themselves infected, though their samples had never been taken for testing.”

When The Collector came to know of this situation, he called up the Superintendent of Police, the Chief District Medical Officer and the regional manager of the bank at Jeypore in Koraput district on April 7 night and urged that action be taken to prevent the workers from adding to the panic in the district. The manager and the workers were directed by the Collector to reopen the branch the next day, April 8.

What Really Happened!

On April 4, a clerk of the Mokia branch gave a person a lift from Papadahandi to Nabarangpur on his bike. The clerk, knowing the situation in the country and the world became nervous when he came to know that the person had returned from Delhi.

He rushed to the Nabarangpur District Headquarters Hospital and told doctors that he had come in contact with an infected person. The doctors at the hospital found him suffering from high blood pressure due to panic. He again visited the hospital the next day and told the doctors that he was feeling feverish and was infected from the virus. But the doctors administered him a few doses of paracetamol as he was not showing any COVID-19 symptoms.

After 2 days of the incident, on April 6, the clerk told the other workers of the Mokia branch that he had been infected with the Covid-19 virus and he might have spread it to others in the branch. The manager panicked and believed him without checking up the facts. He informed the higher officials that he and his staff members were suspected to be infected. And thus on April 7, the manager and the other workers decided to close the branch and remain in quarantine.

Panic and fake news are adding to the fire of chaos in the country!

Before causing any panic, the citizens must check the facts or contact the helpline numbers provided by each state!

Last month, to ease the burden of EMIs during the lockdown period, the Reserve Bank of India (RBI) had announced a three-month moratorium on all types of payments, loans, and credit cards bills between March 31 and May 31. Major banks in India including HDFC Bank, ICICI Bank, SBI and others are warning citizens about […]

Last month, to ease the burden of EMIs during the lockdown period, the Reserve Bank of India (RBI) had announced a three-month moratorium on all types of payments, loans, and credit cards bills between March 31 and May 31.

Major banks in India including HDFC Bank, ICICI Bank, SBI and others are warning citizens about this new scam involving EMI and cyber fraud.

Read to find out more

EMI Moratorium Scam!

As the RBI announced this new scheme that is being launched, many customers talked about it with the bank representatives. The fraudsters looking for an opportunity to dupe gullible customers of their savings, have sought the EMI moratorium as a motive.

The banks are strongly advising the customers not to share sensitive information like OTP and PIN with imposters.

Over the past few days, all the major banks like SBI, Axis Bank have sent out emails and SMSes to their customers informing them about the new scheme adopted by the cyber frauds to gain access to banking details.

What will the Fraudster Do?

The Fraudster may call you in the guise of a bank representative. He might talk you into the advantage you can take of the EMI moratorium announced by the RBI. To make the call appear real, the fraudster will pretend to verify details like date of birth, Aadhaar number, address, etc.

Pretending to help you get the EMI moratorium and its advantages, the fraudster will send you an online form to fill in, which asks you to provide details like card number, CVV, expiry date. After that the caller will inform you that you will get an OTP on your phone which you are required to share with him to confirm the transaction.

Now that the fraud caller has all the card details, he will initiate an online transaction and will then ask for the OTP that you have received on your phone. If you tell him the OTP thinking you are getting advantages of the EMI moratorium, money will get debited from your account into his.

The catch here is that the fraudsters know that the victims can’t do much from their homes during the lockdown. Thus seeking this as an ideal time, fraudsters are out to con the gullible customers.

Here is How you can Avoid the EMI Moratorium Scam!

Do not share account information like CVV, OTP, expiry date, etc with anyone. No bank employee or online payment app employee is authorized to ask such information.

Do not connect with the bank or any online payment app by searching for customer care numbers on Google or social media platforms.

Do not pick up calls from unidentified numbers claiming to be banks or online payment apps.

Do not enter UPI pin or pay money when you are receiving money.

Do not install third party apps like Screen Share, Teamviewer, etc

Do not pay any amount to secure a job. No job or internship providing site asks you to pay any amount to secure a job.

Do you want to withdraw cash urgently but finding it difficult to go to the ATM due to the lockdown? Worry not! The banks will now come to your doorstep to give you money. A person can order cash from his bank by sitting at your home. Read to find out more… Cash Delivered at […]

]]>#Coronavirus Impact: HDFC, SBI Will Deliver Cash At Your Home (Find Out How?)

Do you want to withdraw cash urgently but finding it difficult to go to the ATM due to the lockdown? Worry not!

The banks will now come to your doorstep to give you money. A person can order cash from his bank by sitting at your home.

Read to find out more…

Cash Delivered at Your Doorstep by Banks!

On March 22, Cabinet Secretary Rajiv Gauba had said all efforts should be made to prevent unnecessary travel.

The central and state governments decided to lock down 75 districts across the country where Covid-19 cases have been reported to contain the spread of the virus. The districts where lockdown was announced include states of Uttar Pradesh, Maharashtra, Punjab, Karnataka, Tamil Nadu and Kerala.

Despite the lockdown, banks constitute an essential service and continue to remain operational.

Major Indian big banks including the SBI, HDFC Bank, Kotak Mahindra Bank and Axis Bank are offering this cash delivery facility to their customers.

Find Out More About the Cash Delivery Services!

The State Bank of India (SBI), the nation’s biggest lender is providing the doorstep cash delivery service. Additionally, the bank gives the customer the facility to deposit money. Currently this facility is available for senior citizens and specially-abled people. But in case of a medical emergency, any SBI customer can take advantage of this facility at the cost of Rs 100.

HDFC Bank is also providing this facility for its account holders. The cash limit is Rs 5000 to Rs 25000 with charges between Rs 100 to Rs 200.

Axis bank and Kotak Mahindra are also giving this facility to its customers.

You Can Also Get An Instant Loan!

In case of emergency, if you don’t have cash in your account, you can still make arrangements for money by taking an instant loan. Many financial technology companies provide their customers with the facility of instant loan. The customers need to complete their KYC through their apps and then they will get a loan in 24 hours. The loan is directly deposited into their accounts.

SBI seems to be in a good mood! In a recent development, the country’s biggest lender has now announced that there will be no charges if the monthly minimum balance is not maintained. This change is now applicable to all the bank accounts of SBI. The bank has also announced that no matter the balance, […]

SBI seems to be in a good mood! In a recent development, the country’s biggest lender has now announced that there will be no charges if the monthly minimum balance is not maintained. This change is now applicable to all the bank accounts of SBI.

The bank has also announced that no matter the balance, each saving account will earn a fixed interest as well.

It’s good news indeed!

Find out what other changes SBI has now made to some other charges that it used to levy right here!

SBI Waives Maintenance Of Average Monthly Balance For All 44.51 Crore Customers

The State Bank of India has announced that the maintenance of average monthly balance (AMB) requirement will now be waived off for all the account holders, which are as much as 44.51 crores.

As of now, the customers of SBI Savings Bank were required to maintain an AMB of Rs. 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas, which won’t be necessary anymore. Additionally, the SBI charged a penalty of Rs 5 to Rs 15 + taxes if this AMB wasn’t maintained. This was levied in April 2017 after 2012, which was again slashed in October.

The bank has announced that irrespective of the balance of the saving account, each account will earn an interest rate of 3 per cent per annum. In addition to that, the bank has also waived off SMS charges.

Will This Increase Business And Attract Customers To SBI?

Rajnish Kumar, chairman, State Bank of India said, “This announcement will bring in more smiles and delight to our valuable customers. Waiving AMB is SBI’s yet another initiative to provide customers a more convenience and elated banking experience.”

He also expressed that the bank is hopeful that this will attract more customers and the confidence in SBI will be boosted.

In the past five years, 3400 banks have tumbled due to mergers and closures, of which 75% of them belonged to SBI. This surely must have resulted in huge losses, and this might be the bank’s way to overcome.

We also hope that other banks will follow SBI’s footsteps and slash the AMB requirement for their savings account customers too. We’ll keep you updated as more details come in!

The rate at which banks and branches are being merged has risen considerably in recent years. The recent news of 10 biggest public sector banks being merged into four has kicked up quite the storm. Reports have emerged that show that in the last five financial years, as much as 3400 branches of 26 PSBs […]

The rate at which banks and branches are being merged has risen considerably in recent years. The recent news of 10 biggest public sector banks being merged into four has kicked up quite the storm.

Reports have emerged that show that in the last five financial years, as much as 3400 branches of 26 PSBs have been shut down or merged. And all this is credited to the consolidation of exercise in the banking sector.

Find out more details right here!

RBI States: 3400 Branches of 26 PSBs Closed Or Merged In Last Five Financial Years

A query was filed under the Right to Information (RTI) Act filed by a Neemuch-based activist Chandrashekhar Gaud, to which the RBI responded that in the past five financial years, as much as 3400 branches of 26 public sector banks have been closed or merged. Of these, 75% of the branches are of State Bank of India (SBI), which is India’s biggest lender.

Here’s the complete breakdown of the merged banks in the last five years:

FY 2014-15 – 90 branches closed/merged

FY 2015-16 – 126 branches closed/merged

FY 2016-17 – 253 branches closed/merged

FY 2017-18 – 2083 branches closed/merged

FY 2018-19 – 875 branches closed/merged

The reply also states that the maximum number of branches of SBI, 2,568 were affected by mergers or closing in the last five financial years.Additionally, the Bharatiya Mahila Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore were merged with the SBI from April 1, 2017.

Merger Of 10 Banks Into Four; Massive Strike In The Country; Is Merger Necessary?

And of course, lest we forget, in this year’s April 1, there will be the merger of Vijaya Bank and Dena Bank with the Bank of Baroda. Disgruntled bank employees have announced a massive strike against this merger that will be on March 27th.

As per C H Venkatachalam, General Secretary of All India Bank Employees’ Association (AIBEA), at least 7000 branches of these banks will probably be affected if the government goes ahead with this plan of forming four banks from ten. He also said that most of these branches will be from metros and cities, and it is definite that there would be a decline in the business of the PSBs.

However, Economist Jayantilal Bhandari has opinionated that this merger is necessary at this moment. He said, “In addition, the large state-run banks will be able to distribute relatively more loans to the common people due to their strong financial condition, which will spur the economic growth in the country.”

History shows that once a bank is closed or merged, customers take their business elsewhere, causing more downfall.

Will the Government still go ahead with the merger? We’ll keep you updated as more details come in!

It’s a real hassle to exchange that Rs 2000 note you just got from the ATM at a petrol pump or retail store. But don’t worry as this is about to stop! Indian Bank ATMs will not load Rs 2,000 notes but instead load Rs 200 notes in order to help the customers. The bank […]

It’s a real hassle to exchange that Rs 2000 note you just got from the ATM at a petrol pump or retail store. But don’t worry as this is about to stop!

Indian Bank ATMs will not load Rs 2,000 notes but instead load Rs 200 notes in order to help the customers. The bank advised its branches to immediately stop loading that currency at its ATMs and cash recyclers.

Read to find out more…

Enhancing Ease for the Customers!

According to a circular issued by the Indian Bank’s digital banking division on February 17, cash dispensation from Rs 2,000 currency cassettes would be disabled at all ATMs and cash recyclers on March 1, 2020.

According to the sources, the branches, though, will continue to offer the currency notes.

An Indian Bank official said, “Customers are coming to branches to exchange the Rs 2,000 currency notes withdrawn from ATMs, with low-value denomination notes, which is defeating the very purpose of migrating the customers to alternative delivery channels.”

However the Indian Bank’s initiative is not being followed by other private or public sector banks.

When questioned about Allahabad Bank ATMs, the decision will be made after the merger goes through.

Are Other Banks Taking the Same Initiative?

Financial Software and Systems (FSS) manages the ATM network of several banks in India. V. Balasubramanium, President of FSS said, “We have no instruction or information from our customer private banks to stop loading Rs 2000 notes into them. The merger of the banks may reduce the number of ATMs in major cities and tier III and IV will see installation of such machines.Banks are also opening new branches and each branch will have an on-site ATM.”

Additionally he said, “State Bank of India (SBI) has come out with a Request for Proposal (RFP) for a good number of ATMs.”

Market regulator, Securities and Exchange Board of India (SEBI) has reportedly granted its in-principal approval to SBI Cards and Payment Services, for floating its initial public offering (IPO). SBI Cards and Payment Services IPO SBI Cards and Payment Services is the credit arm of the country’s largest lender State Bank of India (SBI). It is likely […]

Market regulator, Securities and Exchange Board of India (SEBI) has reportedly granted its in-principal approval to SBI Cards and Payment Services, for floating its initial public offering (IPO).

SBI Cards and Payment Services IPO

SBI Cards and
Payment Services is the credit arm of the country’s largest lender
State Bank of India (SBI). It is likely to launch its IPO towards the end of
February.

Speaking vividly of this IPO approved by the SEBI, SBI Cards is expected to raise Rs 6,000 crore through this public issue, adding that the IPO would value the company at approximately Rs 55,000-60,000 crore.

As per the
Draft Red Herring Prospectus ( DRHP) filed with SEBI in November last
year, the SBI Cards IPO would offer 13.05 equity shares. The
company would also issue fresh equity shares worth Rs 500 crore.

Also, the offer
for sale includes up to 3.72 equity shares by SBI and up to 9.32 equity
shares by CA Rover Holdings. Upto 1,864,669 shares have been reserved
for employees of the company, while 13,052,680 shares for SBI shareholders.

Where Shall the Proceedings be Used?

SBI Cards intends to use the proceeds of the fresh issue for augmenting its capital base to meet future capital requirements. SBI holds 76% stake in SBI Cards and the rest is held by CA Rover Holdings.

What Can We Understand About This?

Earlier this month, SBI Chairman commented that the
SBI Cards IPO would be launched during the current quarter. SBI
Cards and Payment Services has 18% market share, next to HDFC
Cards that holds 27% of the market share.

In fact, the credit arm had 9.4 million outstanding cards as
of the end of September. According to the draft prospectus, the company expects
the number of credit cards to increase at an annual rate of 25% per
year.

With the listing of SBI Cards on bourses, the firm will become the fifth group company under SBI Group to be listed on exchanges. The IPO involves offer for sale for promoters to exit and fresh issue funds to augment capital base.

]]>101949SBI Will Block Your Bank Account If KYC Not Updated: This Is How You Can Update Your SBI KYC Easily!https://trak.in/tags/business/2020/01/31/sbi-will-block-your-bank-account-if-kyc-not-updated-this-is-how-you-can-update-your-sbi-kyc-easily/
Fri, 31 Jan 2020 07:21:15 +0000https://trak.in/?p=101469

Did You Know? SBI; India’s largest lender is making KYC compulsory for all bank accounts otherwise the accounts will be freezed! The State Bank of India has issued an important public notice asking the customers to complete their KYC to avoid future inconveniences in the banking procedures. Additionally, SBI has also stated that the customers […]

]]>SBI Will Block Your Bank Account If KYC Not Updated: This Is How You Can Update Your SBI KYC Easily!

Did You Know? SBI; India’s largest lender is making KYC compulsory for all bank accounts otherwise the accounts will be freezed!

The State Bank of India has issued an important public notice asking the customers to complete their KYC to avoid future inconveniences in the banking procedures.

Additionally, SBI has also stated that the customers who don’t do KYC (Know Your Customer) or submit their documents before 28.02.2020 will have their bank accounts with SBI freezed.

The bank has also sent a message alert to the customers whose KYC is due.

Why did SBI take such a drastic measure?

In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time by the Government of India as notified by the Government of India, Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions, as stated on the Reserve Bank of India (RBI) website.

According to the guidelines issued by the RBI, thus the bank has to update their KYC after a certain amount of time and the notice is to tell the customers that their KYC is due.

According to the RBI norms, if the KYC is not updated, the offending banks may receive a huge penalty.

Fear Not! Doing KYC is not as difficult as it sounds.

RBI has revised its KYC guidelines and made National Population Register (NPR) letters a valid document.

Go to your nearest SBI branch if you have received SBI’s notice and provide a copy of any one of the following address proof and identity proof documents (either permanent or current) for the KYC procedure.

KYC for Individuals

Passport

Voter’s Identity Card

Driving Licence

Aadhar Card/Letter

NREGA card

PAN card

Letter of NPR

Recent photographs

Mobile Phones

Just like individual customers, all commercial banks, non-banking financial companies, cooperative banks and similar companies need to complete their KYC process.

For more information about doing KYC visit the SBI website or visit the nearest SBI branch.

]]>101469SBI Customers Will Need Their Mobiles For Withdrawing Cash From ATM: Do This Immediately!https://trak.in/tags/business/2020/01/06/sbi-customers-will-need-their-mobiles-for-withdrawing-cash-from-atm-do-this-immediately/
Mon, 06 Jan 2020 06:57:54 +0000https://trak.in/?p=100640

If you are an SBI customer and wish to withdraw more than Rs 10,000 from an SBI ATM, then you will need your mobile with you. If you don’t have your mobile, then you wont be able to withdraw cash of more than Rs 10,000 from ATMs. SBI has issued an urgent advisory for all […]

]]>SBI Customers Will Need Their Mobiles For Withdrawing Cash From ATM: Do This Immediately!

If you are an SBI customer and wish to withdraw more than Rs 10,000 from an SBI ATM, then you will need your mobile with you.

If you don’t have your mobile, then you wont be able to withdraw cash of more than Rs 10,000 from ATMs.

SBI has issued an urgent advisory for all customers, regarding this.

SBI: Register Your Mobile Number Now

After introducing OTP based ATM cash withdrawal process for more than Rs 10,000, SBI has now issued an advisory for all customers.

In a tweet, SBI has said that every customer must register their mobile number at their nearest SBI branch, if they wish to withdraw more than Rs 10,000 from an SBI ATM.

SBI said, “ATM cash withdrawals now made even safer, with the OTP-based authentication process from #SBI, in effect from 1st January, 2020! Register your mobile number at the nearest SBI branch or ATM to benefit from this service.”

India’s largest bank: State Bank of India has announced the launch of OTP based ATM cash withdrawal, wherein the users will need to enter OTP for any cash withdrawal more than Rs 10,000 This is a major initiative from SBI to curb ATM frauds, which have increased lately, and affected hundreds of SBI customers, all […]

Once they visit the ATM, they need to enter the amount for cash withdrawal. If the amount is more than Rs 10,000, then a new OTP screen will be displayed, wherein the user will need to enter OTP to withdraw cash.

After entering the OTP the cash will be received.

OTP Based ATM Cash Withdrawal Will Help Stop ATM Frauds

ATM fraud is a serious issue, spreading like wildfire, across the nation.

In such frauds, the scamsters copy the data saved in the magnetic strip, and/or chip, and then clone the debit card to withdraw aunthorized cash.

With a new OTP based ATM cash withdrawal, it is expected that ATM frauds will sdtop.

Rules For OTO Cash Withdrawal

To start with OTO based ATM cash withdrawal will only work for those transactions, which are Rs 10,000 and above.

Besides, such OTP transactions will only be allowed between 8AM to 8PM, only at SBI ATMs.

Bank users from other banks cannot use this OTP based cash withdrawal, and likewise, SBI users cannot use this facility at other bank’s ATM.

Did you know that India’s biggest bank: State Bank of India (SBI), enables hassle-free updating of your passbook with Swayam (passbook printing kiosk). Not only that, but SBI customers can also check their passbook right on their mobile phones! SBI Swayam: Print Your Own Passbook State Bank of India (SBI) allows customers to update their […]

]]>Did You Know? SBI Customers Can Check Passbook On Their Mobile, Print Passbook Without Standing In A Queue!

Did you know that India’s biggest bank: State Bank of India (SBI), enables hassle-free updating of your passbook with Swayam (passbook printing kiosk). Not only that, but SBI customers can also check their passbook right on their mobile phones!

SBI Swayam: Print Your Own Passbook

State Bank of India (SBI) allows customers to update their passbooks hasslefree with its with Swayam Kiosk, which was launched in 2014.

Basically, bank passbooks are in integral records of the financial health of the respective bank account.

By maintaining passbook, user has the advantage of viewing transactions from the account opening date.

What Is Passbook Printing Machine?

The Self Service Passbook Printer is an automated kiosk where customers can print there passbook on their own.

It is a specialized machine, where customer has to simply insert passbook with only cover page opened and thus it is very convenient for all strata of customers.

Tracking updates of the customers’ bank passbooks is essential for banks to maintain records of their customers’ transactions.

Passbooks have records of the customer’s bank account transaction from the day of the account was opened.

What Does SBI Say?

SBI had tweeted using its official Twitter handle about the Swayam kiosk on December 16, 2019.

The tweet said, “No need to wait in a queue to update your passbook. With Swayam – the Automated Passbook Printing machine, have it updated and printed in just a few clicks.”

Swayam helps customers to carry out passbook printing in self service mode using barcode technology.

Now customers can print their passbooks of savings, recurring deposit as well as PPF account through the facility round the clock, even after branch timings.

Apart from that, SBI also said that you can view your passbook via m-Passbook feature in YONO Lite app.

No need to wait in a queue to update your passbook. With Swayam – the Automated Passbook Printing machine, have it updated and printed in just a few clicks. Additionally, you could also update your passbook via m-Passbook feature in YONO Lite app.#SBI#DigitalIndia#GoDigitalpic.twitter.com/H79IMUTMGm

]]>100210Your SBI Debit Card Will Be Blocked/Deactivated After December 31st If You Don’t Do This..https://trak.in/tags/business/2019/12/04/your-sbi-debit-card-will-be-blocked-deactivated-after-december-31st-if-you-dont-do-this/
Wed, 04 Dec 2019 12:05:46 +0000https://trak.in/?p=99584

India’s biggest bank: State Bank of India, has issued a major alert, for all their customers in India. SBI has alerted that after December 31st, their bank customers won’t be able to use their debit cards at any ATM. Infact, their ATM cards will be deactivated. What is that one thing SBI customers need to […]

]]>99584FASTags Are Compulsory After December 1st: How To Buy FASTags? What Are The Charges? (Details Inside)https://trak.in/tags/business/2019/11/21/fastags-are-compulsory-after-december-1st-how-to-buy-fastags-what-are-the-charges-details-inside/
Thu, 21 Nov 2019 03:20:53 +0000https://trak.in/?p=99008

To ensure seamless traffic and prevention of congestion at toll plazas, the government has made FASTag compulsory for the vehicles operate on National Highways. What Is FASTag ? FASTag is basically a prepaid tag facility that enables a cashless automatic deduction of toll charges at toll plaza. That means, while passing through toll plaza , […]

]]>FASTags Are Compulsory After December 1st: How To Buy FASTags? What Are The Charges? (Details Inside)

To ensure seamless traffic and prevention of congestion at toll plazas, the government has made FASTag compulsory for the vehicles operate on National Highways.

What Is FASTag ?

FASTag is basically a prepaid tag facility that enables a cashless automatic deduction of toll charges at toll plaza.

That means, while passing through toll plaza , the vehicles need not stop to pay toll charges as the amount automatically gets deducted from FASTag account.

How Does It Work?

The FASTag is a Radio-frequency identification (RFID)-based is affixed on the windscreen of the vehicle.

This facility directly allows the payment of fees from the linked prepaid or savings account.

According to a Ministry of Road Transport and Highways, the users not having a FASTag on their vehicles will be charged double the fee in cash for passing through a FASTag-only lane from 1 December.

How To Get A FASTag For Your Vehicle?

Currently, all the major banks are offering the FASTag payment facilities.

To ensure the automatic deduction of the toll fee from the account, the FASTag is linked to the customer’s savings account.

So that the automatic deduction of fees can happen when the registered vehicle passes through a toll plaza.

All the major banks like State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are part of the National Electronic Toll Collection (NETC) initiative rolled out by National Payments Corporation of India (NPCI).